When interest rates spiked and the single-tenant net lease market stalled, most brokers kept sending the same old comps. Daniel Herrold did something different: he started tracking tenants like Starbucks, Chipotle, Dutch Bros and more every single month—and turned that data into his “State of the Market” newsletter that now reaches thousands of investors and developers.
In this episode, Daniel breaks down how he went from miserable CPA to national investment broker, why moving from Tulsa to Newport Beach forced him to play the long game, and the one metric that quietly revealed 12–18 months of backlog sitting on the market. If you’ve heard “net lease is safe” your whole career, this is the episode that gives you the nuance behind the tagline.
🎧 Listen on Spotify: https://open.spotify.com/episode/2d1Dj4uQmGTwXB2CKTaRso
▶️ Watch on YouTube: https://www.youtube.com/watch?v=flQC5XWqohA
Key Takeaways From The Episode
- Follow what comes naturally. Daniel’s move from CPA to investment sales didn’t come from chasing trends—it came from leaning into what he naturally enjoyed: numbers, analysis, and writing.
- Use data to reveal the truth. By tracking Starbucks, Chipotle, Dutch Bros, and 14 other tenants every month, Daniel created visibility into market backlog and velocity that most brokers never see.
- Backlog matters more than comps. Instead of relying on one-off comp pulls, Daniel’s month-over-month tracking uncovered 12–18 months of inventory sitting on the market—real math that exposes the true health of the STNL sector.
- Start with one tenant and scale. His “State of the Market” began with a single conversation about Starbucks trends and evolved into a 17-tenant tracking system used by developers, buyers, and brokers nationwide.
- Consistency builds credibility. Posting thoughtful takes on X and sending a monthly newsletter grew Daniel’s audience from 50 BCC’d contacts to over 3,000 opt-ins—pure brand equity built through repetition.
- Content has to match your wiring. Daniel isn’t trying to be a video creator or daily poster; he leans into writing because that’s where his passion is—proof that good content only works if the format fits you.
- Relationships grow from value, not volume. His data-first approach turns followers into phone calls and clients because the insights are specific, actionable, and delivered consistently.
- Brand is portable. Daniel’s personal brand followed him from Tulsa to Newport Beach—showing that when you build equity in your own name, opportunities travel with you.
